Calculate your refinance repayment
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Home loan comparison
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
loans.com.au – Variable Home Loan (LVR < 90%) | |||||||||||||
| Variable | More details | ||||||||||||
HSBC – Home Value Home Loan (Principal and Interest) (LVR < 80%) | |||||||||||||
| Variable | More details | ||||||||||||
Homeloans.com.au – Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%) | |||||||||||||
| Fixed | More details | ||||||||||||
Newcastle Permanent – Fixed Rate Home Loan (Principal and Interest) 1 Year | |||||||||||||
| Variable | More details | ||||||||||||
Beyond Bank – Purple Basic Variable Home Loan (New Customer) (LVR 60%-80%) | |||||||||||||
| Variable | More details | ||||||||||||
Athena – Straight Up Owner Occupied - Celebrate (LVR 50%-60%) (Principal and Interest) | |||||||||||||
| Fixed | More details | ||||||||||||
IMB Bank – Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR ≤ 80%) | |||||||||||||
| Variable | More details | ||||||||||||
Liberty Financial – Liberty Low Rate Home Loan (LVR < 95%) | |||||||||||||
- Low rates for purchase and refinancing
- Simple online application process
- No fees, unlimited redraws, 0.10% offset
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 1, 2024. View disclaimer.
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Savings.com.au Pty Ltd ACN 161 358 363 | Australian Financial Services Licence and Australian Credit Licence 515843
Refinancing Costs Calculator
This refinancing costs calculator estimates the costs involved in refinancing a home loan based on the information input by the user.
Assumptions:
Cost Categories
The calculator takes into account the following cost categories - lenders mortgage insurance, mortgage discharge fee, mortgage registration fee, application fee, settlement fee, bank valuation fee, title search fee, documentation fee and legal fees.
Lenders Mortgage Insurance
Lenders' mortgage insurance is calculated based on the loan to value ratio (established from the property value input by the user and the loan balance input by the user) using the calculations in savings.com.au's LMI Calculator.
Mortgage Registration Fee
Fees are based on the registration fees for the 19/20 financial year from each state or territory Titles Office.
What to look for when refinancing your home loan?
If you’re looking to save money on your home loan repayments, a good strategy is to refinance your loan to a more competitive lender.
Here are some factors to consider when you're considering refinancing your home loan:
Interest Rate:
Ideally, you want to secure a lower interest rate to reduce your repayments. For instance, if your current rate is 3.50% with a loan amount of $400,000, your monthly repayment would be $1,796 based on a 30-year loan term. But, if you can secure a lower interest rate of 1.99%, your monthly repayment would decrease to $1,476. That’s about $320 in savings per month.
Refinancing expenses:
Make sure to check for potential charges, such as the new loan upfront fees and existing loan’s discharge fees. You don’t want your refinancing expenses to exceed the potential savings you get when you switch lenders.
New loan features:
Another reason to refinance is to take advantage of new loan features available with a new lender that will suit your current financial needs. This can be having a split-interest rate, an offset account, or a redraw facility.
You can compare your existing home loan to a new loan you're considering by using our refinance calculator. Here you can see the possible savings you could benefit from by refinancing to help you make a final decision.
Signs of a Good Financer/Lender
Before you refinance, it’s recommended you evaluate your current loan because your current lender may be able to decrease your rate and repayments and offer you extra features.
Refinancing home loans will vary from lender to lender, and finding the best lender for you will depend on your financial needs.
Here are some of the things to look out for when comparing lenders:
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Interest rates -comparing interest rates should be the first step when comparing lenders.
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The services offered -does the new lender have a good online presence or have a physical branch?
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The home loan option -you may want to consolidate your debts or tap into your current equity when refinancing. Analysing the features offered can also help to decide on a new lender.
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Mortgage repayment frequency -some lenders offer a weekly, fortnightly, or monthly repayment schedule. It’s important to find a lender that can offer a repayment frequency suitable to your needs.
Home Loan Refinance FAQs
Other than securing a lower interest rate or better deal, other reasons to refinance could include tapping into the equity of your home to finance a home renovation or secure a more competitive interest rate. Refinancing can also be a great option if you're looking for more flexible loan features that your current lender cannot offer.
It’s not recommended to refinance your mortgage when you have less than 20% equity in your home. Having more equity can mean a lender may offer you a better interest rate, and you’re viewed as a less risky borrower. This can also mean there’s a good chance your refinance application will get approved.
Fees associated with refinancing depend on your current lender. Some lenders may only charge a discharge administration fee, while others may charge fees to cover the document preparation, title transfer and settlement agent costs.
Refinancing your home loan can have an affect on your credit score, because your new lender will make an inquiry on your credit file to assess your application. Regardless if your refinance application is approved or declined, your credit score will be affected.
Generally speaking, it's a good idea to consider refinancing if you've found a new lender offering an interest rate 1% or more lower than your current home loan rate.
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of 6 March 2024.
^The addition of offset sub-account means your comparison rate will change.
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Savings.com.au
Savings.com.au Pty Ltd ACN 161 358 363 | Australian Financial Services Licence and Australian Credit Licence 515843